Great Ways to Use Your Skip Pay Option
Thursday, November 2, 2017
When it comes to finances, a little flexibility can go a long way. That's why we now offer our Skip Pay program all year. When you use your Skip Pay benefit, you can skip your next loan payment without a late fee or penalty. So, how should you spend that money? Here are some great ways our members have used their Skip Pays.
We all know health expenses can be stressful and you can't always predict when they might come up. With many health conditions, it's not wise to wait until the problem gets worse before you take action. That's why using your Skip Pay option to take care of your health can pay off in the long run.
Most of the time, our members choose to either save for home repairs or take out a small loan. But if the roof is leaking or a pipe burst, you can't always wait to fix it until you have the money saved or until your loan is approved. You need to fix it now. Using your Skip Pay option can be a good way to give yourself some extra breathing room while you fix your home.
Make the Holidays Bright
Many of our members use their Skip Pay option to help make the holidays enjoyable for their families. That doesn't always mean presents. You could use it to travel to see family, decorate your home, or even take a short trip.
Pay a Higher Interest Loan
One benefit of being a SAFE member is our relatively low interest rates on mortgage and auto loans. Unfortunately, you can't always expect the same rates when it comes to credit cards from major companies. If you're tantalizingly close to paying off a high-interest rate credit card, it might make sense to use your Skip Pay to knock out that credit card debt and avoid paying extra in interest.
How to Use Skip Pay
If you're interested in using Skip Pay, all you have to do is fill out the Skip Pay request form and wait five business days to see if you're approved. You can only skip up to two payments a year, so use them wisely!
Remember, each time you choose to use a Skip Pay you'll be charged a $25 fee. Skipping a loan payment will also extend the term of your loan, interest will continue to accrue, and the final loan payment will be different due to the skipped payment. All other terms and conditions of the loan will remain the same.